Donate to the Professional Protection FundArmand Cosenza, CRMSNAMB, Professional Protection Fund, HUD, PAC, RESPA, Congress, Washington D.C.
We Are in the Fight of Our Lives
The comment period for the U. S. Department of Housing and Urban
Development's Proposed Rule to the Real Estate Settlement
Procedures Act is now complete. If implemented as initially
drafted, the Proposed Rule would create an uneven playing field for
brokers and force many of them out of business, while allowing
trial attorneys to prosper! Over the last 90 days, the National Association of Mortgage
Brokers has been busy, mobilizing its membership across the
country, briefing Congress on the impact of the Proposed Rule on
small businesses and meeting with HUD on several occasions to
emphasize our opposition to this most onerous proposal.
Now, the labor continues-we must continue to work with HUD,
Congress and other industry trade groups to ensure the fair and
equal treatment of all industry participants. It is NAMB's belief
that every originator should be required to follow the same
disclosure rules, or confusion will continue to reign.
Introducing the Professional Protection
NAMB has worked diligently both in Washington, D.C. and nationwide
to promote the interests of all Mortgage Brokers. However, without
your financial support, we cannot complete the important tasks at
hand. The high level of government involvement in the mortgage
industry this year has strained NAMB's financial resources
tremendously. Though I realize the impression that it is always
about money, unfortunately, in this case, it is!
NAMB has created the Professional Protection Fund to raise the
money required to maintain the fight for Mortgage Brokers. In the
short term, these funds will be used for activities related to
RESPA reform, including continued work with regulators, informing
members of Congress about the industry's position and answering
legitimate questions raised by mortgage professionals.
In the long term, Professional Protection Fund donations will be
used for activities such as promoting
NAMB's Model State Statute, in addition to combating onerous,
abusive lending initiatives. Donations to the Professional
Protection Fund will not be counted as NAMB Political Action
Committee contributions and will not be used to support political
NAMB's membership is strong and expanding, with 46 state
affiliates and more than 13,000 members. However, membership dues
alone are not enough to fund our legislative and regulatory
efforts. For most associations in the country, membership dues are
the highest source of revenue. For NAMB, however, this revenue
covers only 25 percent of the annual budget! NAMB works hard for
its membership-and on many fronts. Our collective, sustained
success depends upon your generosity in donating now.
Will You Make A Contribution Now?
As NAMB President, I am asking you for a financial donation to the
Professional Protection Fund. Whether small or large, your donation
is earmarked for the specific purpose of protecting your
professional interests. When NAMB has faced financial challenges in
the past, you have responded with generosity and enthusiasm. This
is a tribute to your level of involvement in the association and
your determination to ensure the viability of your profession.
The needs of your association are immediate. Please see the
Professional Protection Fund form on NAMB's Web site to make a
contribution. NAMB must know where it stands financially by Jan. 1
in order to formulate a plan of action for the coming months and
Together, we will prevail!